Alex Fazel, Chief Partnership Officer at Swissborg, sees Bitcoin (CRYPTO: BTC) well-positioned, regardless of the outcome of this week's presidential election.
What Happened: Fazel highlighted on X on Monday that a Trump win might give crypto a stronger boost but even with a Harris win, the sector would likely perform well, though with slower growth.
Looking at the historical performance of Bitcoin after elections, the analyst found a 2,320% year-on-year return for Bitcoin following Obama's 2012 victory, a 950% increase after Trump's 2016 win, and a 370% rise after Biden's 2020 triumph.
Also Read: $61,000 Is Bitcoin' Line In The Sand For ETF Demand To Remain Steady, Says Analyst
On-chain analytics firm Santiment shows Bitcoin whale activity declining over the past week, signaling that major holders are waiting to see how the broader market reacts to election results.
While this does not immediately signal bearish price action to follow, cautious whale traders may be waiting for smaller market participants to react to a catalyst like the election.
With this week being headlined by the US announcing the results of a particularly polarizing election (to say the least), crypto traders are 'expecting the unexpected'. This is particularly true with Bitcoin's whales, which have been showing declining amounts of transfers... pic.twitter.com/nvhVAb5jAP
— Santiment (@santimentfeed) November 4, 2024
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
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